Question
Q = 1,000,000 - 1,250P (Hint:What is the inverse linear demand for this product) It's cost function (Total Costs, fixed and variable) is: 50,000,000 +
Q = 1,000,000 - 1,250P
(Hint:What is the inverse linear demand for this product)
It's cost function (Total Costs, fixed and variable) is:50,000,000 + 150Q
What is the price (P) that maximizes revenue?- Answer: 400
What is the price (P) that maximizes profits?
What is the quantity (Q) at the price that maximizes profits?
What are total profits at that price?
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Historical Perspectives On The American Economy Selected Readings
Authors: Robert Whaples, Dianne C Betts
1st Edition
0521466482, 9780521466486
